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Adobe (ADBE - Free Report) demonstrated a tremendous earnings report with record figures on both top and bottom lines, yet its share price tumbled. Its thriving subscription-based revenue has been powering tremendously consistent topline growth, with financial visibility that justifies it's otherwise outrageous 50x P/E.
Management raised its guidance, which catalyzed a slew of upwardly revised EPS estimates across every timeline and pushed ADBE into a Zacks Rank #2 (Buy). Despite the outstanding report, investors pulled profits, and with the recent weakness in tech, we've seen the stock slide over 10% in just one week.
The compelling growth narrative that this leading cloud player has been able to manufacture in recent years has made ADBE a buy at almost any valuation. ADBE is now trading 14% off its all-time high, and I see this as an excellent buying opportunity to start or add to a position.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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Get the latest research report on ADBE - FREE